XN000022-1987-02-18 — Page 16

WEDNESDAY, FEBRUARY 18, 1987

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NOTING THE HON DAVID LI'S REMARKS ON THE NEED TO AMEND SECTION 161B OF THE PRINCIPAL ORDINANCE, MR JACOBS SAID THE EXECUTIVE COUNCIL DECIDED NOT TO INTRODUCE THIS PARTICULAR AMENDMENT, AT LEAST FOR THE TIME BEING.

+THE MATTER WAS MOST CAREFULLY CONSIDERED AND THE VIEWS OF THE HONG KONG ASSOCIATION OF BANKS WERE TAKEN INTO ACCOUNT, HE SAID.

SECTION 161B DEALS WITH REPORTING REQUIREMENTS IMPOSED ON FINANCIAL INSTITUTIONS IN RESPECT OF THEIR DIRECTORS' LOANS.

+WE SHALL KEEP THE ORDINANCE UNDER REVIEW AND INTRODUCE AMENDMENTS AS AND WHEN EXPERIENCE SHOWS THAT THESE ARE NECESSARY OR DESIRABLE,+ HE ADDED.

MR JACOBS ALSO MOVED A MINOR AMENDMENT SEEKING TO CHANGE THE REFERENCES TO +A RECOGNISED STOCK EXCHANGE+ IN THE NINTH SCHEDULE TO THE PRINCIPAL ORDINANCE TO THE UNIFIED STOCK EXCHANGE+. OTHER AMENDMENTS TO BE MOVED BY MR POON WERE SUPPORTED BY THE ADMINISTRATION, HE ADDED.

NINE-MONTH TIME LIMIT FOR ACCOUNTS TO REMAIN *****

THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) PASSED THE COMPANIES (AMENDMENT) BILL 1986 WHICH CONTAINED A NUMBER OF AMENDMENTS TO THE COMPANIES ORDINANCE, INCLUDING ONE WHICH REQUIRED PUBLIC COMPANIES TO PRESENT YEARLY ACCOUNTS AT ANNUAL GENERAL MEETING UP TO A DATE NOT MORE THAN SIX MONTHS BEFORE THE DATE OF THE MEETING. THE PRESENT TIME LIMIT WAS NINE MONTHS.

SPEAKING IN SUPPORT OF THE BILL AS CONVENER OF A LEGISLATIVE COUNCIL AD HOC GROUP STUDYING THE BILL, THE HON PETER POON SAID THE BILL ORIGINALLY PROPOSED THAT THE NEW TIME LIMIT SHOULD ALSO APPLY TO PRIVATE COMPANIES.

MR POON SAID THE AD HOC GROUP HAD CAREFULLY STUDIED ALL THE PROPOSED AMENDMENTS INCLUDING POINTS RAISED BY FOUR ACCOUNTING ASSOCIATIONS AND FIRMS IN THEIR REPRESENTATIONS TO THE GROUP ON THE NEW TIME LIMIT.

/HE SAID